Resources

Take Control of Your Business

The most effective way to take control of your business is to understand the tax rules and the business basics that apply to every stage of your business.

Getting Started

What type of business should it be? What do you need to do before you get started? What sort of financial information do you need before you make a decision to start a business? Will you need an Australian Business Number? Will you export goods or services overseas? What records do you need to keep when running a business and how will you do so? Do you know how Goods and Services Tax works? What deductions are you entitled to claim? How often do you need to lodge your Business Activity Statement? How will working from home affect your tax?

For an introduction to your tax needs, visit the following websites for information products and services:

www.business.gov.au
use the ‘How-to guides’ for information about thinking of starting a business

Running Your Business

What is the best way to change your business structure? What are your responsibilities when you have employees? Are you entitled to foreign income tax offset? How do you treat payment you make to an independent contractor? How do you do your tax electronically?

Existing Your Business

Did you know you need to let the ATO know if you cease trading altogether? Did you register to operate a business but never actually traded? What are the tax implications of selling or transferring ownership of your business? Have you considered your capital gains tax obligations?